SummitTX Capital L.P. Sells 51,672 Shares of Commercial Metals Company $CMC

SummitTX Capital L.P. lessened its position in shares of Commercial Metals Company (NYSE:CMC) by 90.7% in the first quarter, HoldingsChannel.com reports. The firm owned 5,284 shares of the basic materials company’s stock after selling 51,672 shares during the quarter. SummitTX Capital L.P.’s holdings in Commercial Metals were worth $325,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Artemis Investment Management LLP acquired a new position in shares of Commercial Metals in the 4th quarter worth approximately $103,962,000. Norges Bank bought a new stake in shares of Commercial Metals in the 4th quarter valued at $97,983,000. Encompass Capital Advisors LLC acquired a new stake in shares of Commercial Metals during the fourth quarter worth $41,523,000. Merewether Investment Management LP acquired a new stake in shares of Commercial Metals during the third quarter worth $26,847,000. Finally, UBS Group AG raised its stake in Commercial Metals by 41.8% during the third quarter. UBS Group AG now owns 1,521,130 shares of the basic materials company’s stock worth $87,130,000 after buying an additional 448,083 shares during the last quarter. Institutional investors own 86.90% of the company’s stock.

Insider Activity at Commercial Metals

In other news, CEO Peter R. Matt bought 8,230 shares of Commercial Metals stock in a transaction dated Friday, July 10th. The stock was bought at an average cost of $61.30 per share, for a total transaction of $504,499.00. Following the purchase, the chief executive officer directly owned 181,522 shares in the company, valued at approximately $11,127,298.60. This represents a 4.75% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.62% of the stock is currently owned by corporate insiders.

Commercial Metals Stock Up 0.6%

Shares of NYSE CMC opened at $68.81 on Friday. The firm has a market cap of $7.61 billion, a PE ratio of 12.96, a P/E/G ratio of 0.39 and a beta of 1.54. Commercial Metals Company has a 12-month low of $49.66 and a 12-month high of $84.87. The company’s fifty day simple moving average is $69.95 and its 200 day simple moving average is $70.35. The company has a quick ratio of 1.54, a current ratio of 2.33 and a debt-to-equity ratio of 0.73.

Commercial Metals (NYSE:CMC) last posted its quarterly earnings results on Thursday, June 25th. The basic materials company reported $1.73 EPS for the quarter, topping analysts’ consensus estimates of $1.70 by $0.03. Commercial Metals had a net margin of 6.72% and a return on equity of 15.69%. The business had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.40 billion. During the same period last year, the company posted $0.74 earnings per share. The business’s quarterly revenue was up 22.9% on a year-over-year basis. As a group, sell-side analysts forecast that Commercial Metals Company will post 6.64 earnings per share for the current fiscal year.

Commercial Metals Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Monday, July 6th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Monday, July 6th. Commercial Metals’s dividend payout ratio is 15.07%.

Analyst Ratings Changes

Several research firms recently issued reports on CMC. Zacks Research upgraded shares of Commercial Metals from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Deutsche Bank Aktiengesellschaft upgraded Commercial Metals to a “buy” rating in a report on Friday, May 22nd. Morgan Stanley lifted their price objective on Commercial Metals from $83.00 to $88.00 and gave the stock an “overweight” rating in a research report on Monday, June 22nd. Bank of America dropped their price objective on Commercial Metals from $84.00 to $78.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. Finally, JPMorgan Chase & Co. decreased their target price on Commercial Metals from $83.00 to $78.00 and set an “overweight” rating for the company in a research note on Tuesday, April 14th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Commercial Metals presently has a consensus rating of “Moderate Buy” and a consensus price target of $79.45.

About Commercial Metals

Commercial Metals Company (NYSE: CMC) is a leading global steel and metal recycler, manufacturer and fabricator based in Irving, Texas. The company operates an integrated network of scrap recycling facilities, electric arc furnace steel mills, metal fabrication plants and distribution centers. Through these operations, Commercial Metals collects and processes ferrous scrap to produce finished steel products and provides recycled metal to a variety of end markets.

In its steelmaking segment, CMC uses electric arc furnace technology to transform recycled scrap into reinforcing bar (rebar), merchant bar, coil and structural products.